Successful launch of OTC Clearing Service
Powernext successfully launched its OTC Clearing Service on Thursday 21st October with the support of its members and 3 Registering Brokers (GFI, Spectron, and Tullett Prebon). The OTC Clearing Service is proposed by Powernext and the clearing house ECC AG in complement to the Powernext Gas Futures market segment.
On launch date, the first OTC transaction was registered by Powernext Gas Futures members Poweo and Gazprom Marketing & Trading Limited through the intermediary of the brokerage company GFI on the November 2010 contract.
“The introduction of this service is a leap forward as it will increase the liquidity and facilitate the arrival of new entrants on the French gas market”, comments Richard Katz, Powernext’s Sales & Communication Director.
On the same day, ConocoPhillips (U.K.) Limited started trading on Powernext Gas Spot and Futures, bringing the overall number of members up to 36.
Volumes traded on Powernext Gas Spot and Powernext Gas Futures have reached new records in September with more than 4 TWh traded overall during the month.
Powernext SA, incorporated in 2001, manages several complementary, transparent and anonymous energy markets: Powernext Gas Spot and Powernext Gas Futures were launched on November 26, 2008 in order to hedge volume and price risks for natural gas in France from Within-Day to the next three gas seasons. Since 1st December 2009, Powernext Gas Spot also allows the Transmission System Operator GRTgaz to progressively cover parts of its daily balancing needs on the market. EPEX Spot, based in Paris and owned equally by Powernext and by EEX, the German energy organized market, was launched on January 1st 2009 and facilitates, 365 days a year, the hourly balancing of physical power delivered the following day on the French, German/Austrian and Swiss hubs. In April 2009, Powernext contributed the French power derivatives to EEX Power Derivatives, a company dedicated to European power derivatives, based in Leipzig, against a 20 percent equity stake in this company.